New York Markets After Hours

U.S. stocks extend losses as oil surges

KateGibson

NEW YORK (MarketWatch) — U.S. stocks fell significantly for a second straight day Wednesday, with the Dow industrials suffering triple-digit declines in back-to-back sessions for the first time in eight months as crude oil topped $100 a barrel.

A day after its biggest drop since Nov. 16, the Dow Jones Industrial Average
DJIA, -1.11%
tumbled another 107.01 points, or 0.9%, to end at 12,105.78, led lower by Hewlett-Packard Co.
HPQ, -1.30%

H-P shares ended down 9.6% after CEO Leo Apotheker warned late Tuesday that revenue for the current fiscal year would be below earlier expectations. Read more about H-P’s outlook.

Oil spikes to $100 a barrel

(9:55)

Oil prices surged, propelled by upheaval in Libya and disruptions to its crude supplies. Nymex futures rose to $100 a barrel, the contract's highest price since 2008. .

Stocks took it on the chin as the price of crude-oil futures touched $100 a barrel for the first time since October 2008, as violent conflict in Libya threatened exports, especially if that upheaval extends to other oil producers in the region. Get the details of crude oil’s rise.

On Wednesday, Col. Moammar Gadhafi reportedly maintained control of Libya’s capital, but large chunks of the eastern portion of the country were in the hands of rebels as the effort to end his more than 40 years in power reached additional Libyan cities.

“The strife in Libya carries implications that extend well past its borders and clouds the immediate-term outlook for the investment markets,” noted Kevin Giddis, executive managing director and fixed-income analyst at Morgan Keegan.

After a 2.1% drop Tuesday that marked its worst decline since Aug. 11, the Standard & Poor’s 500 Index
SPX, -0.88%
fell 8.04 points, or 0.6%, to end at 1307.40.

Heavy users of energy were among those hit hardest, with shipper FedEx Corp.
FDX, -0.78%
down 4.3% and off the S&P 500, passenger carrier US Airways Group Inc.
LCC, -0.50%
off 7.4%. The Dow Transports
DJT, -0.53%
fell 2.1%.

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